OGE Energy Corp (OGE) has reported a 96.94 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $57.90 million, or $0.29 a share in the quarter, compared with $29.40 million, or $0.15 a share for the same period last year.
Revenue during the quarter grew 18.72 percent to $530.80 million from $447.10 million in the previous year period. Gross margin for the quarter contracted 335 basis points over the previous year period to 55.78 percent. Total expenses were 84.51 percent of quarterly revenues, down from 89.53 percent for the same period last year. This has led to an improvement of 502 basis points in operating margin to 15.49 percent.
Operating income for the quarter was $82.20 million, compared with $46.80 million in the previous year period.
"I'm pleased with the performance of OGE and Enable despite a challenging environment. I am proud of the execution and perseverance of our members in 2016," said OGE Energy Corp. chairman, president and chief executive officer Sean Trauschke, "And both of our businesses are well positioned for continued success."
For financial year 2017, OGE Energy Corp projects diluted earnings per share to be in the range of $1.93 to $2.09.
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